00:00I think that's where I go back to having Barron say, hey, this is why we can do more than 15 percent.
00:05Because I don't know. I frankly don't know how they got around it.
00:07I get they have mutual funds, they have existing exposure to SpaceX and some of the Musk-related companies.
00:13But they have to explain what they're doing here to investors.
00:16And so the real problem will be if something breaks, right?
00:18If liquidity dries up and all of a sudden you're diluting that SpaceX exposure and people want to know what it's valued at,
00:24I think that'll create a little bit of panic.
00:26Not market-wide panic, but for folks involved in that fund.
00:29And that's going to be where transparency matters.
00:32We've had transparency in ETFs for 33 years.
00:34You cannot go less transparent.
00:36We already saw this with non-transparent ETFs.
00:38They flopped for the most part.
00:39So it's up to them to provide the transparency on how this is going to work.
00:42It's kind of the hallmark of the ETF world.
00:43Yeah, this is why people love it so much along with the lower fees.
00:46All right, well, speaking of transparency for ETFs, BlackRock's Rick Reader is, you know,
00:51one of the final contenders to be Fed chair.
00:54And he's been having interviews in Washington.
00:56Reportedly, they've gone pretty well.
00:57He's a regular ETF IQ guest, along with Bloomberg Television.
01:00If he were to become Fed chair, if he were named to Fed chair, what happens to Bink, the ETF that he manages with $16.2 billion in assets?
01:09So let's see.
01:10BlackRock is a deep bench, right?
01:12He's clearly the face of the fund.
01:13But this is key man risk, right?
01:15If you're out there touting this ETF managed by Rick, and it's very successful, and then all of a sudden you lose it, I don't know.
01:22Maybe some people leave.
01:23It's this key man risk.
01:24I can't speak for what they're going to do, but I think it's super interesting.
01:29It's the same thing with almost a lot of other issues out there.
01:32Think of ARK.
01:33Cathie Wood is ARK.
01:34She's the face of that company.
01:35What happens when Cathie says, you know what, I'm moving on, or whatever it might be?
01:39Yeah.
01:39Same thing with Ron Barron, right?
01:41And I know he has his kids, so I think his sons are involved in the fund, too.
01:43Yes.
01:44This is going to be really interesting over the next 30 years of all these established players coming into the ETF market, and you're going to lose these key man, key woman risks right there.
01:51Yeah, the star fund manager has moved from the mutual fund industry to the ETF industry.
01:55Oh, because they know where the money's going.
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